When a person reaches the senior citizen age bracket, they typically look forward to more relaxed days and enjoy the benefits earned during their working days. Moreover, many elderly people occasionally want to make financial contributions to their families, even when they are not present. This is where the term insurance plans for senior citizens come into the picture!
Given the variety of term insurance policies available in the market, it’s crucial that one scrutinize the right term insurance plan that best meets their exclusive requirements.
This article will highlight top term insurance plans for senior citizens in India and examine various other aspects to fasten your decision-making process in selecting an appropriate senior citizen term insurance plan! But before we jump straight to this, let’s discuss briefly the definition and importance of the senior citizen term plan.
What Is A Senior Citizen Term Insurance Plan?
A senior citizen term insurance plan is specifically designed for the financial stability of the insured’s family because it enables them to achieve all of their financial goals even when the insured is not there. Such plans are made to provide extensive coverage, taking into account the insured’s post-retirement demands and much more.
Importance Of Term Insurance For Senior Citizens
Here are some of the most important reasons why term insurance plans are important for senior citizens:
- Financial Security: Even after an individual retires, it’s crucial for him to protect his family’s future by setting aside money for his everyday necessities as well as other unexpected expenses. A senior citizen term plan with enough life insurance will act as a financial safety net while the insured is away from his family.
- Coverage Till Death: The burden of purchasing a new term plan or renewing the current one is eliminated with senior citizen term insurance plans as they provide whole-life coverage. Additionally, the insured is eligible for coverage up to 100 years of age. Thus, he may be confident that the long-term term insurance plan will always protect his family.
- Inbuilt Benefits: Today’s senior citizen’s term plans can be combined with additional benefits and optional riders, making the insured’s policy much more useful. For instance, many of the plans include a terminal illness or accidental death rider at no cost, so it is advantageous to check such details about these benefits and how they will be paid to the nominee or the policyholder in the hour of need.
- Flexible Payout Options: Senior citizen term plans offer some payout options so the insured can choose a suitable option when his family needs money. Either the insured can choose payment in regular income or lump sum amount. However, certain term plans might also provide a mix of the two.
- Helps In Clearing Debts: Many individuals borrow money from organizations or people to achieve their important goals in life, such as building houses, purchasing a car, etc. The money the insured gets from his senior citizen term life insurance may be used to settle any debts they may have.
Top 7 Term Insurance Plans In 2023 For Senior Citizens In India
Only those between the ages of 25 and 60 are often eligible for senior citizen term life insurance plans. If you are a senior citizen, you can choose from one of these top 7 term life insurance plans. These plans are chosen based on a number of different criteria, such as reasonable premiums, extensive coverage, reputable insurance companies, etc.
|Plan||Entry Age||Maturity Age||Sum Assured|
|HDFC Click 2 Protect Plus||18 To 65 Years||85 Years||Rs. 25 Lakhs To No Limit|
|ICICI Pru iProtect Smart Term Plan||18 To 65 Years||No Maturity|
Minimum Sum Assured: Subject To The Minimum Premium
Maximum Sum Assured: No Limit
|PNB MetLife Mera Term Plan Plus||18 To 60 Years|
Minimum: 28 Years
Maximum: 75 To 99 Years
|Rs. 25 Lakhs To No Limit|
|Tata AIA Sampoorna Raksha Supreme|
Minimum: 18 To 30 Years
Maximum: 55 To 65 Years
|65 To 100 Years||Rs. 1 Lakh To No Limit|
|LIC Tech Term Plan||18 To 65 Years||Up To 80 Years||Rs. 50 Lakhs To No Limit|
|Edelweiss Tokio Life Protection Plan||18 To 60 Years||28 To 70 Years||Rs. 15 Lakhs To No Limit|
|SBI Life-Poorna Suraksha Plan||18 To 65 Years||28 To 75 Years||Rs. 20 Lakhs To Rs. 2.5 Crores|
Things To Note About Term Insurance Plans For Senior Citizens
It is simple to get senior citizen term life insurance; nevertheless, there are a few considerations to make in order to select the right senior citizen term insurance plan in India:
- The premium always goes up as the insured becomes older to account for the increased danger to his life from ailments and health issues. Senior citizen term plans, however, also provide greater coverage that can help insure the policyholder’s family without worrying about future financial difficulties.
- The entire period of coverage does not require payment of the premium. Premiums are only paid when one is employed. One is able to select a premium payment period that corresponds to their anticipated retirement age.
- Many insurance providers feature plans with return of premium advantages, where the payments are refunded to the policyholder if they live through the policy period without filing any claims.
- One may undergo medical testing, according to several insurance companies. However, a medical history is sufficient for some people.
- When going through significant life events like getting married, starting a family, enrolling children in school, or purchasing a home, the policyholder has the choice to increase the coverage. The advantage of this upgrade option is that it gives the insured complete flexibility to enhance his life insurance coverage without requiring new medical testing or paperwork.
There is no denying the fact that a senior citizen’s term insurance plan is one of the best term insurance plans one can purchase for their family’s financial stability in the future. Such plans are specifically designed to support the insured’s family in achieving all of their financial objectives even when the policyholder is no longer alive.
In case you are a senior citizen looking for an appropriate term insurance plan, you can choose any one from the aforementioned plans. But before buying the policy, don’t forget to consider important factors, such as coverage offered, premium amounts charged, exclusions, add-on covers, and so on.